Willimantic, CT – The Connecticut State Police have recovered $180,000 in stolen cryptocurrency, returning it to a Willimantic resident who fell victim to an international scam.
Investigators from the Eastern District Major Crime Squad and SOCITF, part of the State Police Cryptocurrency Working Group, tracked the stolen funds, as stated in a press release issued Thursday, Feb. 13.
The case is part of a larger crackdown on the growing threat of crypto fraud schemes that continue to target unsuspecting investors.
According to the Connecticut State Police, the cryptocurrency fraud investigation commenced in July 2024 when the victim received unsolicited text messages from an individual claiming to be a successful cryptocurrency investor.
Using sophisticated social engineering tactics, the scammer convinced the victim to transfer over $225,000 into a fraudulent investment platform called “XeggeX” before disappearing with the funds.
Working in collaboration with a compliant cryptocurrency exchange platform, investigators intercepted and recovered approximately 1.77 Bitcoin from the fraudulent wallet address.
The funds were safely returned to the victim on Wednesday, Feb. 12, under court order.
Authorities say this case is just one example of a widespread “pig butchering” scam, a transnational fraud operation that has scammed victims out of more than $75 billion worldwide.
The scammers operate fraud factories across Southeast Asia, targeting victims worldwide, including in Connecticut.
Warning signs of cryptocurrency investment scams
The Connecticut State Police emphasized common indicators of cryptocurrency scams, which include:
- Unsolicited investment advice through text messages or social media
- Pressure to move conversations to WhatsApp or other messaging apps
- Guaranteed high returns with no risk
- Romantic manipulation combined with investment pressure
- Requests to transfer money through cryptocurrency
- Professional-looking investment platforms with no point of contact
Early reporting is important for fraud investigations.
For anyone who believes they may be a victim of a cryptocurrency scam, the Connecticut State Police urges immediate contact with the Virtual Currency Working Group at csp.virtualcurrency@ct.gov or their local police department.
